PA RESOURCES: INTERIM REPORT JANUARY - SEPTEMBER 2008: STRONG OPERATING PROFIT GIVES OPERATING MARGIN OF 62 % Summary third quarter 2008 * Group revenue referring to sales of crude oil during the third quarter increased to SEK 888.5 (775.0) million. * Profit for the period amounted to SEK 57.8 (331.4) million, including non cash flow impacting currency effects amounting to SEK -294.5 (86.4) million on the group's loans principally in USD. * Earnings per share before dilution amounted to SEK 0.40 (2.29) and earnings per share after dilution became SEK 0.40 (2.26). * Average production of oil was 15,200 (17,250) barrels per day. A total of 1,071,000 (1,467,000) barrels of oil was sold to an average price of 107.81 (70.13) USD per barrel. * Agreements have been signed during the quarter concerning the acquisitions of three exploration licences - two licences offshore Denmark and one onshore licence in southern Tunisia. * The successful drillings in Equatorial Guinea has continued during the quarter. * Standard Bank Plc has after the balance sheet day been mandated by PA Resources to arrange the refinancing of a bond loan maturing in January 2009. Summary nine month period 2008 * Group revenue referring to sales of crude oil during January to September 2008 increased to SEK 2,467.2 (2,038.4) million. * Profit for the period amounted to SEK 538.1 (685.6) million, including non cash flow impacting currency effects amounting to SEK -133.1 (89.0) million on the groups loans principally in USD. * Earnings per share before dilution amounted to SEK 3.71 (4.73) and earnings per share after dilution became SEK 3.69 (4.68). * Average production amounted to 13,358 (15,102) barrels of oil equivalents per day. A total of 3,343,010 (3,454,000) barrels of oil was sold to an average price of 107.07 (66.98) USD per barrel. * Cash flow from operating activities amounted to SEK 1,147.4 (866.9) million. Comments from Ulrik Jansson, President and CEO at PA Resources: - PA Resources has focused on developing our production assets and increasing our reserves during the third quarter. The Group has a portfolio of valuable assets and we are on our way of adding new production thanks to the coming production start in the Republic of Congo. - The operating profit during the third quarter is in line with the previous quarter. The lower oil price has been partly compensated by the strong US dollar. The profit for the period is charged with higher exchange losses referring to borrowings together with a higher income tax. - PA Resources has mandated Standard Bank Plc as Mandated Lead Arranger of the refinancing of a bond loan maturing in January 2009. Stockholm, 2008-10-29 PA Resources AB (For the complete Interim Report, see the attached file) For more information, please contact: Ulrik Jansson President and CEO PA Resources AB Mobile +46 70 751 41 84 E-mail: info@paresources.se or Bo Askvik CFO PA Resources AB Mobile +46 708 19 59 18 E-mail: bo.askvik@paresources.se Quarterly presentation on October 29th, 2008 PA Resources will present the third quarter results on Wednesday October 29 at 09.30 (CET) at Berns Salonger, room Kilsalen (entrance through Hotel Berns, Näckströmsgatan), Berzeli Park in Stockholm. You can also follow the presentation live or watch an on-demand version afterwards at the company's website www.paresources.se. PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop and exploit oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Norway, Greenland, Great Britain, Denmark, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden. PA Resources AB's net sales amounted to approximately SEK 2,794 Million during 2007. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the OMX Nordic Exchange in Stockholm, Sweden (segment Large Cap). For additional information, please visit www.paresources.se.
PA RESOURCES: INTERIM REPORT JANUARY - SEPTEMBER 2008: STRONG OPERATING PROFIT GIVES OPERATING MARGIN OF 62 %
| Source: PA Resources
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